As you complete your bachelor's degree program, you need to start thinking about a job, new opportunities, and your first student loan payments. If you have a plan and keep a few important tips in mind, you can repay your loans quickly and efficiently.

Make a Solid Plan
Think of your student loan repayment with the same importance as your mortgage or car loan payments. Fortunately, your student loans have a little more flexibility. After you graduate or leave school, the grace period on your loan repayment gives you extra time to find work--typically about six months--before the responsibility of your student loan repayment begins. Though six months is the usual grace period, you should be aware that different types of Federal and private student loans come with different interest rates, grace periods, and repayment options. 

It's important that you understand the repayment information for each of your student loans. Your school may have personalized counseling sessions or exit interviews where your loan cancellation, repayment, and deferment options are explained in detail to you. At these meetings, you are encouraged to ask about the details of your repayment plan--where to send payments and how to shorten or lengthen your repayment time. If you've secured a loan through a private lender, you should schedule a time to talk to them about your repayment options. Staying informed about your loan details is the first step to repaying it quickly and efficiently.

Loan Deferment
If it's impossible for you to make timely payments on your loans, you may be eligible to apply for a loan deferment. You can receive a deferment on some Federal loans if you enter active service in the military, choose to continue your schooling with another bachelor's degree, master's degree, or certificate program, or in rare cases if you are unable to find stable employment. Loan deferments aren't automatically awarded, and you should contact your loan provider for specific information as soon as you realize you may not be able to repay your loans on time. 

Loan Cancellation
If you meet specific criteria, all or part of your Federal loans can be cancelled. If you teach in schools in certain low-income areas, or teach certain subjects in schools that have identified a need, loan cancellation could come in as little as five years. In most cases, it's not possible to cancel your loans through bankruptcy; however, you should contact your lender for specific details or if you have more questions on loan cancellation.

The typical repayment time for student loans is ten to fifteen years, but your lender may allow you to repay them in less or more time based on your financial ability. Talk to your financial aid department or private lender for more details.